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Summary
This article describes how to use tax adjustments to apply tax corrections to existing transactions or services
Tax adjustments allow you to correct taxes on an account where an incorrect amount was applied or where there was a configuration error that has occuredoccurred. If an incorrect tax amount was applied to a debit transaction, you can use the tax adjustment option to apply the reconciled amount to balance the account correctly. If an incorrect amount of tax was credited to a user, you can use a credit tax adjustment.
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To Add Tax Adjustment Transactions
Click on the Transactions Tab link
Click the TaxAdj button under the Transactions section
From the drop down box, select the appropriate Tax Code and click Save
Enter the tax adjustment transaction details in the appropriate fields as explained below:
Amount - the total about of the tax adjustment transaction
Date - this represents the date the transaction is to be or was added
Tax Rate - select the tax rate that applies
Service - select which service from the pick list to apply the transaction to
Detail - this value will be shown on invoices that display detailed transaction information. It is recommended that the detail be short but informative
Click Save to add the tax adjustment transaction
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Tax adjustment credits with a specific Tax Code can be applied to accounts manually.
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Note: Required fields include RED field label names. Validation is also applied to these fields. If the label remains red the value entered is not valid and the form will not be saved. All other fields are optional (black label field names) and may be left blank. |
To Add Tax Adjustment Credits
Click on the Transactions Tab link
Click the TaxAdj button under the Credits section
From the drop down box, select the appropriate Tax Code and click Save
Enter the tax adjustment transaction details in the appropriate fields as illustrated below
Amount - the total about of the tax adjustment transaction
Date - this represents the date the transaction is to be or was added
Tax Rate - select the tax rate that applies
Service - select which service from the pick list to apply the transaction to
Detail - this value will be shown on invoices that display detailed transaction information. It is recommended that the detail be short by informative
Click Save to add the tax adjustment transaction